CI Investments announces fund mergers and other changes

TORONTO, May 27, 2013 /CNW/ - CI Investments Inc. ("CI") today announced
a proposal to merge three funds and change the mandates of three
others.

CI is proposing the following mergers:

Terminating fund

Continuing fund

Cambridge Canadian Stock Fund

Cambridge Canadian Equity Corporate Class

CI Japanese Corporate Class

CI Pacific Corporate Class

CI U.S. Equity Plus Fund

Cambridge American Equity Corporate Class

In addition, CI is proposing to change the investment objectives of
three funds from a Canadian-focused mandate to a global mandate:
Cambridge High Income Fund, Signature Canadian Resource Fund and
Signature Canadian Resource Corporate Class. At the same time, the
resource funds will be renamed Signature Global Resource Fund and
Signature Global Resource Corporate Class, respectively.

"The mandate change will benefit the funds by providing the portfolio
managers with a much wider range of investment choices and the
potential for increased diversification," said Derek J. Green,
President of CI Investments. "Meanwhile, with the mergers, investors
will benefit from being part of larger funds with greater access to
investment opportunities, while allowing CI to streamline its lineup
and reduce the duplication of funds."

The changes to the investment objectives are as follows:

Current investment objective

New investment objective

Cambridge High Income Fund

To achieve a high level of income by investing primarily in Canadian
income trusts, Canadian fixed-income securities and other Canadian
income-producing securities.

To achieve a high level of income by investing primarily in fixed-income
and high-yielding equity securities and other income-producing
securities throughout the world.

Signature Canadian Resource Fund / Corporate Class

To obtain maximum long-term capital growth. It invests primarily in
equity and equity-related securities of Canadian companies engaged in
or related to the energy, commodity and natural resource industries.

To obtain maximum long-term capital growth. It invests primarily in
equity and equity-related securities of companies engaged in or related
to the energy, commodity and natural resource industries throughout the
world.

The changes require the approval of investors in the terminating funds,
CI Pacific Corporate Class, and the funds subject to a change in
investment objectives. Information circulars and proxy forms will be
mailed to securityholders in June and securityholder meetings have been
scheduled for July 22, 2013. Pending approval, the mergers and mandate
changes will take place on or about July 26, 2013.

The CI Investments Board of Governors, acting in its capacity as the
independent review committee for the funds, has reviewed all of the
proposed mergers and mandate changes with respect to conflict of
interest issues and has determined that they achieve a fair and
reasonable result for the funds.

The change of investment objective for Signature Canadian Resource Fund
indirectly affects one segregated fund, Clarica SF CI Signature
Canadian Resource Fund, which invests in units of the mutual fund. The
change does not require the approval of investors in the segregated
fund. In addition, the name of the segregated fund will be changed to
Clarica SF CI Signature Global Resource Fund.

In other developments, CI is changing the name of two funds to better
reflect their mandates, effective July 26, 2013. Harbour Foreign Equity
Corporate Class is being renamed Harbour Global Equity Corporate Class,
and Harbour Foreign Growth & Income Corporate Class will become Harbour
Global Growth & Income Corporate Class.

CI is one of Canada's largest investment management companies. It offers
a broad range of investment products and services, including an
industry-leading selection of investment funds, and is on the Web at www.ci.com. CI is a subsidiary of CI Financial Corp. (TSX: CIX), an independent,
Canadian-owned wealth management firm with approximately $105.8 billion
in assets as of April 30, 2013.